Artificial intelligence in financial services

The Alan Turing Institute has published a report which looks at the use of AI and the importance of responsible innovation in the financial services sector. The FCA-commissioned report is split into 4 key sections:

• Introduction to AI – explains central technological concepts and highlights the relationship between them
• General challenges and guiding principles for responsible AI adoption – provides the foundation for understanding how AI-related risks arise and the role of AI ethics principles in guiding responsible innovation
• Potential benefits and harms in financial services – considers the positive and negative impacts that different uses of AI in financial services could have in the areas of consumer protection, financial crime, competition, the stability of firms and markets, and cybersecurity
• AI transparency and its importance for responsible innovation – describes different forms of transparency, underlining the foundational role of AI transparency in ensuring and demonstrating that AI systems are trustworthy and used responsibly.